FMG 1.10% $19.76 fortescue ltd

yield now of 5.6% fully franked, page-3

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    Bell Potter comment

    Summary: Strong financial result and 10cps interim dividend, above market expectations. FY14 ramp-up, production, cost and capex guidance unchanged. Very consistent management narrative to result and outlook.

    - NPAT of US$1.7b and EBITDA of US$3.2b, well above our estimates mostly on higher than forecast revenues.

    - A$0.10/sh (BP est A$0.09/sh) fully franked interim dividend declared, from US$0.55/sh EPS.
 
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